Vite Labs Leadership AMA (July 10, 2020) - Leave your questions here!

  • Hi Richard, recently "Ultrapower - use 1801183244" offered us some ideas, I think they are worthy of your attention. Please review them carefully. Also to some of ideas I added my comments.

    -The current situation needs a correction, VX needs to be used for something else to attract people to buy it, if we simply list it on binance it will just pump and dump if not worse, we need to attract people to do something with it that is not only staking, something that attracts people to trade on ViteX

    • The exchange like binance, kucoin, and others are continuosly hammering the crypto scene with contests, new services, lending, futures and why? because their trading fees are less and less because of competition maybe or less people trading in general? i don’t know the truth but i know that when some business is marketing so much i smell fish, it means it is not going as foreseen, we have an exceptional product on vitex, you can do whatever you want with no KYC, move funds at the speed of light with no fees, we need applications, we need developers loving the lattice smart contract platform that Vite is and developing useful and good Dapps.

    • DEFI is amazing, on ETH platform is expensive to make smart contracts transactions, we would suck a large slice of the market with our feeles, ligh-fast lattice system.The funds on DEFI on ethereum, where a 14 years old can steal everything in 5 minutes, reached almost 2 billions.

    • I think the best idea to would be this: double or triple the daily dividends and then market it immediately to create a hype effect, we can even do it for a limited amount of time like: who has 1000 VX gets double dividends for a month or something like this. - Note from Oleg, I would add such temporary campaigns for new users

    • And added to that who has 10000 VX for example staked, get’s a card to use everywhere with a % cashback for every tx on shops, we could even do a partnership with some product brand or supermarket and give away vite or vx with some kind of products on the shelf, like, you buy coca-cola you get 10 vite with a code, you buy a computer you get 1000 vite

    • Can we make ref codes free again ? - Note from Oleg, including the rule to do not post codes in our communities. It can brings us a new cunstomers

    • Why don’t we create a program with points to get prizes like iphones, macbooks et cetera? when you trade a volume of 10.000.000$ you get a iphone. but what you people should try to understand, is the shininess of it, if you promise a ledger you attract a certain kind of people, if you promise a car you get serious traders, market movers - Note from Oleg, I think in general this is a good idea, such prizes attract people, and the benefits can be much higher

    • You buy bids to do on very expensive items like macbooks iphones et cetera and for every bid the price goes up but with VITE super action auctions, the price goes down, the person buying get’s the iphone and some money and all the rest of people paid for it buying bids, it’s like a lottery

    • Everyday extraction lottery for VX holders, more VX staked better the prize

    • Hiring a real graphic designer and rebrand VITE in a way it does look not a project like the others.

  • So i got the following questions:

    1. I didn't see any listings on VITEX for quite a while, what is happening?
    2. Community members offered some good ideas in which replies were "passed to the team". Do the team really consider those suggestions ? Personally, i didn't saw any suggestion to be included in any release.
    3. We need more coins, more operators, more volume otherwise VITEX will have an unwanted faith - that of being closed because costs of keeping it up will be more than it will be afforded.

  • 我就用中文了,实际上现在最关键的是如何吸引大量的以太坊社区人员过来 vite团队也很清楚,社区参与的开发与运营才是市场的良性循环;我想,即便使用挑衅的宣传(对抗ETH等)也是对技术过硬的vite来说是有利的。虽然现在是熊市,vite需要养精蓄锐,但也得抓住时间 按捺住躁动的早期投资者。

  • @ultrapower Most of these questions are answered by our CEO's latest letter:

    Richard Yan (Vite Co-founder & COO), [Jul 10, 2020 at 8:36:25 AM]:
    But let me give some quick bullet points here:

    Futures - this is not part of 2020 plan now, but afterwards. This involves serious design and liquidity ramp-up, which we are not prepared to handle at the moment.

    Real marketing - this comes back to coin listing, which frankly was slow on ViteX earlier this year. We are picking up the pace.

    Also - we are releasing the community coin-listing competition campaign within 24 hours

    Richard Yan (Vite Co-founder & COO), [Jul 10, 2020 at 8:37:49 AM]:
    We have created a small group of coin scouts within our team. They've been contributing excellent ideas for listing new coins

    According to our plan, the new website will be released within 30 days

  • @atLL I discussed our ongoing efforts to list VX on major exchanges in the live AMA. Here is the live AMA transcript:

  • @Oleg @ultrapower

    Unfortunately the answer to the point about "using VX" is still to bootstrap liquidity. Coin listing and co-marketing activities as part of that are still the strategy.

    Admittedly we've been a bit slow in listing new coins at the earlier part of the year, but we're rectifying that now.

    A new listing is happening within a week or so, and the community coin listing competition will launch within 24 hours.

    Re: getting devs to make dapps, we will have grants available for dev proposals, as outlined in Charles' letter on roadmap adjustments. But I personally think there's more to do on the DEX side than non-speculation Dapps. The most successful and perhaps the only really useful dapps right now belong to the speculation category. So it's better to focus more on continuing to develop the ecosystem around our DEX. Now that is not to say we won't encourage 3rd party development of other dapps.

    We discussed DeFi in the latest ViFi survey response article.

    Regarding increasing VX rewards, I am not convinced this will increase true liquidity. But maybe we will look into increasing incentives for market-making as mining. Also, I think listing of new coins and co-marketing around that is the ultimate crowd-attracting campaign.

    Plastic cards involve significant logistics. This is more of a longer term project.

    About referral codes, we had plans to launch another round of activities to temporarily reimburse the fees for creating codes. Let me check how that campaign is going.

    Tangible prizes like iPhones is a good idea. We will consider this. To make shipping easier, maybe Apple discount card?

  • @super

    ViteX listing of more coins - answered in the live AMA, see link for transcript:

    (Higher volume/more operators tend to come with more coins)

    Of course some community suggestions have been incorporated. One example is the stablecoin zero fee conversion feature. This should be out in a few weeks (this requires making sure enough SBPs hard fork - hence a longer process - nature of developing decentralized systems).

    Another example is interface change to the wallet (using comment instead of memo to make sending to Binance easier, for instance).

    Yet another example is display of VX mining statistics to dashboard.

    And someone suggested adding a ViteX listing google form, which we will add early next week.

    Not every suggestion can be incorporated, or incorporated in time. @Daniel_Leedan made many great suggestions (including some about making our github more friendly to developers) - I have asked our team to look into them. But there's also an internal priority of things to be done.

    Behind the scenes, we recently did significant refactoring of code to tackle tech debt, and also dealt with upgrading security of our gateway and web services.

    Unfortunately such efforts aren't as visible to the community.

  • @hassan The question is how to get ETH developers to come to Vite. The answer is getting Dapp developers is a tough, tough business. There are many public blockchains trying to do the same thing. I think a smarter strategy is to focus attention on DEX now, which has natural usage and indeed drawn significant interest. I made some other points about how to grow our DEX earlier, see transcript:

    In our latest roadmap update letter, we discussed offering grants to developer proposals:

  • @Richard_Yan i am happy that you are considering some of my ideas, if the focus has to be for now, on the DEX, then we need a lot more volume, i hope with a good prizes campaign' we can get some.

  • @Richard_Yan Thx for ur reply. What i want is the vite to be famous someday.

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